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SWOT stands for strengths, weaknesses, opportunities, and threats. Understanding how to perform a SWOT analysis is critical to your planning process. The purpose of creating one is to formulate a synthesized view of your current state.
We build on our strengths, shore up our weaknesses, invest in our opportunities, and monitor our threats. Strengths and weaknesses provide an internal view of your organization, while opportunities and threats offer an external view.
Utilizing input from your planning team and pulling in data sources will help you develop a SWOT analysis.
Internal data sources include:
● Executives and board members
● Employees
● Customers
● KPIs
External data sources include:
● Megatrends
● Industry
● Market
● Competitors
After collecting your data, synthesize it into 10 to 15 bullet points for each four quadrants of your SWOT. Aim to fit it onto one page. It’s helpful to be able to see a clear and succinct picture of your current state.
Do not confuse weaknesses and opportunities. For example, say one of your bullet points is to improve communication. While it may sound like an opportunity, it should be classified as a weakness. Opportunities are drawn from external perspectives (things we can influence but not control). We control communication. The distinction is important because when you process your SWOT, each quadrant serves its purpose.
Opportunities are growth goals, threats are simply monitored, weaknesses are operational and people goals, and strengths are the source of competitive advantages.
Now that you know how to perform a SWOT analysis put it to use! Excellent planning starts with understanding where you are today.
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